The future of the Russian retail market remains unclear, but there will be no significant worsening of the situation, according to a survey released by Ernst & Young on Thursday.
Thirty-seven regional and nationwide retail companies were surveyed, including those in the grocery (32 percent), clothing (32 percent), household appliances (9 percent) and furniture and home furnishings (9 percent) segments.
Eighty-seven percent of those surveyed said there would be no worsening of the retail market or a fall in consumer demand, and 38 percent said the market's bottom had already been reached. On the other hand, 14 percent of respondents representing nonfood companies are expecting a significant worsening of the situation.
The survey also showed that most retail companies have revised their expansion plans as a result of the crisis. While retailers were planning to expand into the regions in 2007, by 2009 most had decided to focus on expansion in the major cities.
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